How to Estate Plan with Gifts That Are Shared by More Than One Beneficiary
Occasionally, clients ask their estate planning attorneys about how to leave behind shared gifts. This is an especially common scenario if you wish to pass along an asset to your children. Shared gifts are those that left to two or more individual beneficiaries.
Each of those beneficiaries receives a portion of the property
ownership. This is different than stipulating inside your will and other estate
planning documents that you wish a particular asset to be left behind and sold
while having the profits divided between the beneficiaries.
All of the beneficiaries with a shared gift instead own the property
themselves. If you are contemplating leaving behind a shared gift, whether to
children or to other beneficiaries, there are a few important considerations
you must review first.